Leading mutual insurer in the Spanish region of Catalonia, with a strong franchise in health care and retirement services business. A well-balanced insurance portfolio, including health, property, motor, and life, but accounting for a small share of the Spanish insurance market. Growth targets negatively affected by political uncertainties in Catalonia, especially in the life business. Very strong capital adequacy, benefitting from improving net earnings and annual members' direct contributions to mutual funds. Small absolute capital and significant reliance on valuation of illiquid property. Concentration of investments on domestic government bonds, real estate, and financial institutions. Strong liquidity, sustained by a high proportion of assets in readily realizable form. The stable outlook on Spanish mutual insurer FIATC Mutua de Seguros y
